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How To Claim Fuel Tax Credits For Business? 

What are Fuel Tax Credits?

Fuel tax credits are credits for the fuel tax (excise or customs duty) that’s included in the price of fuel. Most businesses are entitled to fuel tax credits for fuel used in a number of business activities with the exception for used in aircraft or light vehicles travelling on public roads. The amount you can claim depends on what fuel you use and how you use it.


Who is able to apply for Fuel Tax Credit refunds?

Businesses that use fuel in machinery, plant, equipment, heavy vehicles and light vehicles travelling off public roads are qualified to claim. Besides, the business must be registered for GST and fuel tax credits before making a claim.

You claim fuel tax credits on your business activity statement (BAS) in the same way as you claim GST credits. There are time limits for claiming fuel tax credits. Generally you must claim within four years from the end of the tax period the fuel was acquired in.

Fuel tax credit rate

The next thing is find your fuel tax credit rate. Fuel tax credit rates change every February and August. Therefore, it’s important to check the most up to date rates when you do your business activity statement.

If you claim less than $10,000 in fuel tax credits in a year, there are simpler ways to record and calculate your claim. It is good to use a registered tax agent to prepare and lodge a tax return for your business. Please book a consultation with us. (Source, ATO)

Please stay connected and we shall update more on businesses. If you have any enquiry, please contact our Business Mantra experts. You can call us on (08)9242 3555 or email us at info@businessmantra.com.au.


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